MSG Inks Deal With JPMorgan Chase Worth At Least $30M Annually

JPMorgan Chase has "agreed to a massive sponsorship deal" with MSG worth at least $30M a year, the "most lucrative annual building/team sponsorship agreement to date," according to Lefton & Lombardo of SPORTSBUSINESS JOURNAL. Sources confirmed the deal valued at $300M "over 10 years or more in securing rights to almost every asset in the Garden." The precise timing of "when the deal starts and the nature of Chase’s broad financial services rights could not be learned, but they are expected to include naming rights to areas inside the Garden, as well as a significant media component." Chase lands the "highest-level 'marquee' deal to the refurbished Garden," with the minimum $30M-a-year agreement "eclipsing even the most expensive annual naming-rights deal in the U.S." Sources said that the partnership "does not include the payment card category, which is owned by American Express." But sources added that AmEx, one of MSG's "largest and longest-tenured corporate partners, was angered enough by the negotiations that it is threatening to walk away from its deal when it comes up for renewal in two years." Lefton & Lombardo note other signature partners on board for the renovated MSG include Anheuser-Busch, Delta Air Lines and Coca-Cola (SPORTSBUSINESS JOURNAL, 9/6 issue). On Long Island, Neil Best wrote, "Given the softness of the naming rights market the past couple of years -- see New Meadowlands Stadium -- this is a stunner" (NEWSDAY.com, 9/6).